PM Pham Minh Chinh speaks at the Vietnam-Brazil Business Forum. (Photo: Hoang Hong)

PM Chinh made the promise at the Vietnam-Brazil Business Forum held in Rio de Janeiro on July 5 afternoon (local time) as part of his working trip to the Latin American country to attend the expanded BRICS summit and bilateral activities. The forum saw the attendance of leaders of ministries, sectors and organisations and more than 80 delegates representing large corporations and enterprises of the two countries.

On the good foundation of the Vietnam - Brazil Strategic Partnership, economic relations have always been an important pillar. Currently, Brazil is Vietnam's largest trading partner in the Latin American region with impressive trade growth. Last year, two-way trade turnover reached nearly 8 billion USD.

Vietnam's main exports to Brazil include phones, phone components, computers, electronic products and components, machinery, equipment, other spare parts, means of transport and spare parts, iron and steel of all kinds. Vietnam mainly imports from Brazil ores and other minerals, cotton of all kinds, animal feed and raw materials, soybeans, corn, wood and wood products, textile and garment raw materials, leather and footwear.

Regarding investment, Brazil currently has six investment projects in Vietnam with total registered capital of 3.83 million USD, while Vietnam has only one investment project in Brazil with registered capital of 300,000 USD. The two countries are striving to increase two-way trade turnover to 10 billion USD soon and to 15 billion USD by 2030.

Delegates at the Vietnam-Brazil Business Froum. (Photo: Hoang Hong)

After listening to an introduction to Vietnam's investment environment, delegates said that room for economic cooperation between the two countries is still very large and not commensurate with the potential as well as the political and diplomatic relations, especially after the two countries upgraded their relationship to a Strategic Partnership in November 2024.

Representatives of the business communities of the two countries introduced the potential, strengths and investment cooperation desires of each side, and proposed solutions to promote cooperation between the two countries, especially in areas where one side has potential and strengths and the other has demand such as aviation, heavy industry, metallurgy, energy, telecommunications and technology, food, and agriculture.

Speaking at the forum, Prime Minister Pham Minh Chinh emphasised that the world situation is changing very quickly, bringing many opportunities and advantages but also more difficulties and challenges. Therefore, it is necessary to promote solidarity and unity, uphold multilateralism, promote free trade, and not politicise trade and science and technology to overcome difficulties and challenges, and effectively respond to national, comprehensive and global issues that no country can solve by itself, he said.

The PM assessed that the Vietnam-Brazil bilateral relationship, after many years of establishment, has continuously developed and is currently at its best stage ever. Therefore, it is necessary to maintain, consolidate, enhance and develop the relationship to make it increasingly good, stable, sustainable and long-term with a long-term vision, contributing to peace, stability, cooperation and development in the region and the world.

Sharing about Vietnam's vision and actions in realising the country's development goals until 2030 and 2045, PM Chinh said that Vietnam determines stability for development, development creates stability and has no other purpose than to firmly protect the country’s independence, sovereignty, unity and territorial integrity, and constantly improve the material and spiritual life of the people.

In recent times, Vietnam has become a bright spot in terms of growth in the region and the world. Its GDP growth in the following quarter is higher than the previous quarter, and the growth in the first six months of 2025 is the highest in the same period in nearly 20 years and is among the top in the region as well as the world. The macro economy is stable, inflation is controlled, major balances are ensured, according to the government leader.

Vietnam is focusing on drastically implementing many new tasks, including revolutionary and historical contents such as focusing on restructuring the apparatus, rearranging and reorganising administrative units and implementing the 2-level local administration model, drastically implementing the "four pillars" according to the Resolutions of the Politburo and drafting other Resolutions on health, education, culture, bringing the country into a new era of development.

Announcing the very good and successful results of his talks with President Luiz Inacio Lula da Silva, PM Chinh reiterated the Brazilian leader's assertion that both sides will make the best possible efforts and that the two economies have strengths that complement each other very clearly, as shown by the fact that "what Brazil lacks, Vietnam has potential, what Brazil has strengths, Vietnam needs".

Assessing that both countries have important positions and roles in the two regions of South America and Southeast Asia, he hoped that the two countries will continue to promote their roles as a bridge between these two regions with much potential, advantages and dynamic development.

Based on the good political and diplomatic relations and the common core values between the two countries, with the spirit of "harmonising benefits, sharing risks", PM Chinh called on businesses to promote connectivity, cooperation and investment, and concretise the agreements of the two countries' leaders.

Specifically, he urged the enterprises to implement three key and breakthrough cooperation areas, including agriculture; science and technology, innovation, digital transformation, telecommunications; and mining and processing of minerals such as copper, oil and gas.

Along with that, the two sides will further open the market for each other's strong agricultural products. On this occasion, Brazil exported the first batch of beef to Vietnam and Vietnam exported a batch of tra-basa fish and tilapia to Brazil, the PM said.

Brazil affirmed its readiness to import more seafood and rice from Vietnam. The two sides also agreed to sign an agreement on ensuring stable and long-term food security for Brazil, in which Vietnam will export rice so that Brazil can stabilise its food supply.

In particular, as Brazil and Vietnam are the world's first and second largest coffee producing countries, the two sides agreed to promote cooperation in the coffee industry, promote the formation of a coffee production and export alliance, study and build a coffee trading floor, build a common coffee brand, and enhance the coffee enjoyment culture associated with the culture of the two nations.

A view of the Vietnam-Brazil Business Forum. (Photo: Hoang Hong)

The two sides also promoted a new direction of cooperation, which is to invest in the production and deep processing of agricultural products on the spot to serve the two countries' markets and export to other countries, promoting the strengths of each country, optimising costs and harmonising benefits. The PM gave an example that Vietnamese enterprises can grow rice and process rice right in Brazil, while Brazilian enterprises can raise livestock and process meat in Vietnam.

The two sides also agreed to soon conclude the FTA negotiations between Vietnam and the Southern Common Market (MERCOSUR) in the last six months of 2025, and promote the FTA between Vietnam and Brazil, thereby supporting each other in the current difficult context. At the same time, the two sides will perfect the legal foundation on investment and labour cooperation, facilitate visas, and expand direct flights to further promote cooperation between businesses.

PM Chinh called on businesses to contribute to concretising the very good political-diplomatic foundation between the two countries into economic measures, connecting businesses, linking the two economies, and "bringing friendship and sincerity into products, specific and measurable results, delivering benefits to both countries". He promised that the Vietnamese Government will create all favourable conditions for Brazilian investors to cooperate and invest successfully and sustainably in Vietnam.

Immediately after the forum, under the witness of PM Chinh and leaders of ministries and sectors of the two countries, Vietnamese and Brazilian enterprises exchanged cooperation documents, including an agreement on cooperation in raising and exporting pangasius and tilapia between Nam Viet Joint Stock Company (Vietnam) and AV09 Commerce Import Company (Brazil); an agreement on cooperation in the field of quail farming with a total value of 200 million USD between Trong Khoi One-Member Co., Ltd. (Vietnam) and Fujikura Quail Genetics Company (Brazil); an agreement on cooperation in training young football players with a total value of 3 million USD between Ho Chi Minh City Football Club and Gremio Football Club.